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All Forum Posts by: David Cole

David Cole has started 2 posts and replied 8 times.

Post: Divorced at 24, millionaire at 29.

David ColePosted
  • Saint Louis, MO
  • Posts 8
  • Votes 1

That's awesome and well needed right now!

For those who are unfamiliar, NACA is a non-profit organization that provides qualified members with a loan that requires no down payment, no pmi, buy down options and a below market interest rate. I'm buying a home for myself and decided to go through the program as a licensed realtor.

Has anyone here ever represented themselves or represented any NACA member? I want to know what type of experience you had, both good and bad. 

Any feedback is appreciated. 

Post: First Live-In Flip Complete!

David ColePosted
  • Saint Louis, MO
  • Posts 8
  • Votes 1

Congrats! Looks good.

Post: New Member from MO - I have a question!

David ColePosted
  • Saint Louis, MO
  • Posts 8
  • Votes 1
Originally posted by @David O.:

@David Cole Welcome to BP. I highly recommend finding a competent real estate attorney to prep your assignment contract for you. 

 Thanks @David O. I think that would be wise as well. 

Post: New Member from MO - I have a question!

David ColePosted
  • Saint Louis, MO
  • Posts 8
  • Votes 1
Originally posted by @Bill Gulley:

Welcome, actually I suggest you NOT assign contracts in MO. to wholesale, (unless you have a license) a key word in the law here is "facilitate" that means to make a transfer by any means. 

There is also a difference between doing something once and doing the same thing over and over as a business. 

You''l lose your money because you can't close and or you didn't have the ability nor the intention of buying per contract terms, no intent means the contract isn't made in good faith, the contract is voidable.

Any contract you have to sell can't be enforced by you in the end, but the seller can enforce his contract with you. That's because you'd need to explain to the judge what you were doing and s/he will take you back to facilitating RE transactions without a license. 

Contract in the name of your LLC, make the contract contingent on financing, admit your buyer to the LLC, buy it, he takes title from the LLC and leaves the company. Your fee to the LLC is an accounting matter between you and the buyer.

BTW, you'll be better off dealing honestly with your buyer and disclose what the company gets!

But, even this method will only fly a few times in MO. because they may still claim the company facilitates sales.

Better way, learn real estate before dealing in real estate, get a license or buy with seller financing then sell and payoff your seller. :) 

@Bill Gully, I have my license already as well as an LLC to do my business in. My intention is to also be honest. I want to know how to handle a situation with a non-refundable deposit.

Post: New Member from MO - I have a question!

David ColePosted
  • Saint Louis, MO
  • Posts 8
  • Votes 1
Originally posted by @Dave Visaya:

Hey @David Cole, welcome to the site! Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

 Thanks @dave visaya. I will!

Post: New Member from MO - I have a question!

David ColePosted
  • Saint Louis, MO
  • Posts 8
  • Votes 1

@brandon I do plan on joining that call. Thank you!

Post: New Member from MO - I have a question!

David ColePosted
  • Saint Louis, MO
  • Posts 8
  • Votes 1

Hello, my name is Dave and I'm new to investing and the bigger pockets forum. I'm a realtor, but l'm looking to start my investment portfolio of rental property as well as wholesaling. 

I know a seller who sends me deals fairly often. These are usually good deals, but require a $2,000 non refundable deposit to be held with the title company upon contract acceptance. What's the best way to assign a deal like this with such a large deposit? 

  • How do I protect myself from losing the $2,000 in the event that I can't assign the contract within the stated timeframe?
  • Does my assigned contract need to include language stating that $2,000 of my assignment fee goes toward a non refundable deposit?